Great work by @noveleader and @castle_labs mapping out the fixed-rate credit landscape. Glad to see IRIS featured alongside @Morpho, @TenorFinance and @term_labs. It was also helpful organizing our thoughts on what the minimal viable unit of lending market is : "A lending market performs two jobs that are distinct. It gathers capital, decides how much of it may be at risk, and holds it (the liquidity layer). It also takes a borrower with a capital need and turns that need into a loan on stated terms (an origination layer). Strip out the liquidity layer and you have borrowers stating what they need, a party setting the terms and standing behind them, and capital drawn from somewhere else... Origination without a liquidity layer is a lending market carrying a funding dependency. A liquidity layer without origination is a fund."